The Securities and Exchange Commission (SEC) requires public companies to evaluate and report on internal controls over financial reporting using a recognized control framework. Private companies generally are not required to use a framework for the oversight of internal controls, unless they are audited, but...
It is easy to think of lenders as doing your company a favor. However, business-financing relationships are just that: relationships. Yes, a lender has the working capital you need to grow. Nevertheless, a stable, successful business represents an enormously beneficial opportunity for the lender as...
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you are filing your 2016 return and tax planning for 2017: Property Tax Deduction Property tax is generally fully deductible — unless you are subject to the alternative minimum tax (AMT). Mortgage Interest Deduction You...
IRS data indicates that fewer than one percent of all individual income tax returns are audited each year. That is true, but some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that...
Individuals: File a 2016 income tax return. If you want an automatic six-month extension of time to file the return, file IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Then, file IRS Form 1040, 1040A, or 1040EZ...
Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors, and lenders — evaluate a company’s financial condition and results. Below is an...
In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this...
Here are key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you are meeting all applicable deadlines...
Assessing fraud risks is an integral part of the auditing process. The Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement Audit, requires auditors to consider potential fraud risks before and during the information-gathering process. Business owners and managers may...
The average published cost for tuition, fees, room, and board at private non-profit colleges and universities is $45,570 in the 2016-17 academic year. At public institutions, that average cost is $35,370 for out-of-state students, while state residents pay $20,090, on average. Financial aid and tax...